青岛双星股份有限公司 章 程 二〇二五年八月 目 录 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公 司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国 证监会《上市公司章程指引》和其他有关规定，制订本章程。 第二条 公司系依照《中华人民共和国公司法》和其他有关规定 成立的股份有限公司（以下简称"公司"）。 公司经青岛市人民政府青政字（1995）64 号文批准，由双星集团 有限责任公司作为独家发起人，以募集方式设立；在青岛市行政审批 服务局注册登记，取得营业执照，营业执照号（统一社会信用代码）： 第三条 公司于 1996 年 4 月 1 日经中国证券监督管理委员会证 监发审字（1996）22 号文批准，首次向社会公众发行人民币普通股 第四条 公司注册名称：青岛双星股份有限公司 英文名称： QINGDAO DOUBLESTAR CO., LTD. 第五条 公司住所：青岛市黄岛区两河路 666 号 邮政编码：266400。 第六条 公司注册资本为人民币 816,758,987 元。 第七条 公司为永久存续的股份有限公司 ...

（文章来源：每日经济新闻） 青岛双星8月13日晚间发布半年度业绩报告称，2025年上半年营业收入约22.72亿元，同比减少0.31%； 归属于上市公司股东的净利润亏损约1.86亿元；基本每股收益亏损0.23元。2024年同期营业收入约22.79 亿元；归属于上市公司股东的净利润亏损约5710万元；基本每股收益亏损0.07元。 ...

（文章来源：每日经济新闻） 青岛双星8月13日晚间发布公告称，公司第十届第十九次董事会会议于2025年8月13日以现场与通讯相结 合方式召开。会议审议了《关于召集公司2025年第一次临时股东大会的议案》等文件。 ...

智通财经APP讯，青岛双星(000599.SZ)披露2025年半年度报告，报告期公司实现营收22.72亿元，同比 下降0.31%;归属于上市公司股东的净利润亏损1.86亿元;扣非净利润亏损2.09亿元;基本每股收益-0.23元。 ...

Core Viewpoint - Fengshen Co., Ltd. plans to raise up to 1.1 billion yuan through a private placement to enhance its production capacity for high-performance giant engineering radial tires, addressing the growing market demand and aiming for high-quality development [1][3]. Company Summary - Fengshen Co., Ltd. produces a wide range of tires under various brands, with over a thousand specifications, and sells products in more than 140 countries [1]. - The company is a strategic supplier for major domestic and international construction machinery manufacturers, including XCMG, SANY, Volvo, and Caterpillar [1]. - The company is focusing on high-end products, particularly giant engineering radial tires and specialty tires, and is transitioning its product structure towards non-highway tires [1][2]. Industry Summary - The giant engineering radial tire segment in China is still in its early stages, with major global brands like Michelin, Bridgestone, and Goodyear dominating the market due to high technical and quality requirements [2]. - Domestic tire manufacturers, including Fengshen Co., are increasing R&D investments and technological innovations to enhance their market share and industry influence in the giant tire sector [2]. - The domestic mining machinery manufacturing sector is growing, leading to an increased preference for domestic giant tires among original equipment manufacturers, thus accelerating the localization process of giant tires [2]. Project Summary - The fundraising project focuses on giant engineering radial tires, specifically those with sizes over 49 inches, which are categorized as encouraged products in the national industrial structure adjustment guidance [3]. - The current production capacity for giant engineering radial tires is insufficient to meet market demand, prompting the company to adjust its product structure and expand production capacity [3]. - The project aims to leverage new technologies to enhance production capacity and quality, reduce the gap with international competitors, and improve profitability [3].

Investment Rating - The report provides a positive outlook on the tire industry, highlighting stable demand in the U.S. market and the successful launch of new products in Vietnam [1]. Core Insights - U.S. retail sales for automotive parts and tires reached $11.693 billion in June, showing a year-on-year increase of 2.90% [2][63]. - The import demand for tires in the U.S. remains robust, with June imports of semi-steel tires at 16.8895 million units, a year-on-year increase of 7.75%, and full-steel tires at 1.9116 million units, a year-on-year increase of 44.90% [2][70]. - The raw material price index for tires decreased in July, with a current index of 151.90, reflecting a month-on-month decline of 0.28% and a year-on-year decline of 10.26% [5][6]. - Shipping costs have shown a downward trend, with the Baltic global container freight index averaging 2531.25 points in July, down 25.46% month-on-month and 50.19% year-on-year [2][4]. - Sailun's "Liquid Gold" tire has successfully entered the Vietnamese market, marking a significant product launch [2]. Summary by Sections Raw Materials - The raw material price index for July is 151.90, with natural rubber averaging 14,003 yuan/ton, a month-on-month decrease of 1.06% and a year-on-year increase of 1.00% [5][6]. - The prices for styrene-butadiene rubber and carbon black have shown significant year-on-year declines of 21.53% and 19.47%, respectively [5][6]. Production and Exports - In July, the average operating rate for full-steel tires in China was 64.61%, a year-on-year increase of 7.58 percentage points, while semi-steel tires had an operating rate of 73.80%, a year-on-year decrease of 5.41 percentage points [23]. - China's rubber tire production in June was 102.75 million units, a year-on-year increase of 10.01% [24]. Consumption - The replacement market in the U.S. remains resilient, with stable demand observed [35]. - In July, China's heavy truck sales were approximately 83,000 units, a year-on-year increase of 42.37% [52]. Shipping Costs - The shipping costs have decreased, with the CCFI for the U.S. East Coast averaging 1247.30 points in July, down 7.31% month-on-month [2][4]. Industry News - Sailun Group's new tire product has been launched in Vietnam, indicating expansion into new markets [2].

Core Viewpoint - The tire industry is experiencing a wave of price increases due to rising raw material costs, with over 30 companies announcing price hikes ranging from 1% to 6% in September and early October [1][2]. Group 1: Price Increases - More than 30 tire companies, including Linglong Tire and Triangle Tire, have announced price increases in September and early October, with the hikes generally between 1% and 6% [1]. - Some companies have raised prices on key products by 10% to 20% due to significant increases in raw material costs [2]. Group 2: Raw Material Costs - The prices of key raw materials have surged, with prices for synthetic rubber, carbon black, and anti-aging agents rising significantly; for instance, the price of butadiene rubber has increased by 36% from its low point this year [2]. - As of September 15, the price of natural rubber reached 11,720 yuan per ton, an increase of 11.41% month-on-month and 7.52% year-on-year [2]. Group 3: Market Dynamics - The price increases are intended to transfer cost pressures to downstream distributors and stimulate orders, although the success of these price hikes will depend on the end-market demand [3]. - There may be a differentiation in the effectiveness of these price increases, with established brands likely to succeed in implementing price hikes, while lower-quality competitors may struggle [4].

Group 1 - The company has appointed a new senior management team, with Gu Cui as General Manager and Jia Guorong as Chairman, following a board restructuring due to the acquisition of a 24.5% stake by Suhao Holdings Group [1][2] - The company has established three major production bases in China, Thailand, and Cambodia, becoming a leader in the tire industry with fully operational overseas dual bases [1][2] - The company has implemented advanced technologies in pollution control and energy efficiency, actively pursuing carbon neutrality goals and launching innovative green products, including the Super Du Zhong tire for electric vehicles [1][2] Group 2 - Suhao Holdings Group's strong resources in global supply chain integration and international trade will provide new momentum for the company's high-quality development [2] - The company aims to enhance its brand influence and become a benchmark for tire enterprises going global, supported by its "5X strategic plan" and stable core management team [2] - With new production capacities from ongoing projects expected to be fully operational by the end of 2025, the company is positioned for sustained performance growth [2]

Raw Materials and Spot Prices - As of August 11, the market price of butadiene in Shandong is 9500 yuan/ton, an increase of 125 yuan/ton; CIF price for butadiene in China is 1070 USD/ton, unchanged; the market price for styrene-butadiene rubber (BR9000) in Shandong Qilu Petrochemical is 11700 yuan/ton, with a price difference of -2880 yuan/ton and a basis of -85 yuan/ton [1] Production and Operating Rates - In July, China's butadiene production was 453,600 tons, a month-on-month increase of 3%; styrene-butadiene rubber production was 129,200 tons, a month-on-month increase of 5.5%; semi-steel tire production was 56.97 million units, a month-on-month decrease of 1.1%, but a year-on-year increase of 7.8%; full-steel tire production was 12.75 million units, a month-on-month increase of 1% and a year-on-year increase of 5.1% [2] - As of August 7, the operating rates in the styrene-butadiene rubber industry showed differentiation, with butadiene industry operating rate at 69.8%, a decrease of 0.3%; high-styrene butadiene rubber industry operating rate at 68.2%, a decrease of 5.9%; semi-steel tire sample manufacturers' operating rate at 69.7%, a decrease of 0.4%; full-steel tire sample manufacturers' operating rate at 60.1%, an increase of 1.3% [2] Inventory Levels - As of August 6, butadiene port inventory was 14,700 tons, an increase of 4,300 tons; styrene-butadiene rubber factory inventory was 24,150 tons, an increase of 350 tons, a month-on-month increase of 1.5%; traders' inventory was 7,290 tons, a decrease of 230 tons, a month-on-month decrease of 3.1% [3] Industry News - According to Longzhong Information on August 11, Qixiang Tengda's 90,000 tons/year high-styrene butadiene rubber unit has been shut down for maintenance since August 1 and is expected to restart soon; China National Petroleum Corporation's Jilin Petrochemical Company is currently in the commissioning phase of its 200,000 tons/year butadiene unit [4] Market Analysis - On August 11, commodity prices rose, with natural rubber strengthening, boosting BR prices. The main contract for synthetic rubber BR2509 closed at 11,785 yuan/ton, an increase of 2.48% compared to the previous day's settlement price. On the cost side, the Maoming Petrochemical butadiene unit is restarting, and Fushun Petrochemical plans maintenance, while Jilin Petrochemical is in the commissioning phase, indicating a potentially ample domestic supply. Additionally, port inventories remain relatively low, with expected concentrated imports arriving in late August, limiting the downside for butadiene in the short term. Supply-side dynamics show a mix of unit restarts and maintenance, with a slight expected increase in styrene-butadiene rubber supply and limited inventory depletion. Demand-side pressures persist, particularly for semi-steel tires, which maintain high inventory levels, complicating production rate increases. Overall, while the cost side has limited downside, the supply-demand balance for BR remains loose, suggesting a wide fluctuation in prices [5]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The current oil price has been relatively undervalued, and its static fundamentals and dynamic forecasts remain favorable. It is a good opportunity for left - side layout. If the geopolitical premium re - emerges, the oil price will have more upside potential [3]. - For methanol, the valuation is still high, downstream demand is weak, and the price is under pressure. It is recommended to wait and see or short it within the sector when the price is high [5]. - For urea, although the current domestic demand is weak, the overall valuation is low, and the room for further decline is limited. It is advisable to go long at low prices and wait for potential positive factors [7]. - For rubber, a neutral approach is recommended for the short - term high - rising rubber price, with quick in - and - out operations. One can also consider a band - trading strategy of going long on RU2601 and shorting on RU2509 [11]. - For PVC, the supply is strong, demand is weak, and the valuation is high. The fundamentals are poor, and it is necessary to observe whether exports can reverse the domestic inventory build - up situation. The price may decline significantly after the anti - involution sentiment fades [11]. - For styrene, the BZN spread is expected to repair in the short term. After the high - level port inventory is reduced, the styrene price may oscillate upwards following the cost side [13][14]. - For polyethylene, the short - term price will be determined by the game between the cost side and the supply side. It is recommended to hold short positions [16]. - For polypropylene, the cost side will likely dominate the market, and the price is expected to follow the oil price and oscillate upwards [17]. - For PX, the load remains high, and it is expected to continue de - stocking. The valuation has support at the bottom but limited upside in the short term. One can consider going long following the oil price when the peak season arrives [19][20]. - For PTA, the supply is expected to continue building up inventory, and the processing fee has limited room for operation. One can consider going long following PX when the downstream performance improves in the peak season [21]. - For ethylene glycol, the fundamentals will turn from strong to weak, and the short - term valuation may decline [22]. 3. Summary by Relevant Catalogs Crude Oil - **Market Quotes**: WTI crude oil futures rose $0.65, or 1.03%, to $64; Brent crude oil futures rose $0.39, or 0.59%, to $66.71; INE crude oil futures fell 0.40 yuan, or 0.08%, to 489.4 yuan [1]. - **Data**: China's weekly crude oil arrival inventory increased by 1.37 million barrels to 207.19 million barrels, a week - on - week increase of 0.67%; gasoline commercial inventory increased by 1.10 million barrels to 91.96 million barrels, a week - on - week increase of 1.21%; diesel commercial inventory increased by 2.77 million barrels to 105.56 million barrels, a week - on - week increase of 2.70%; total refined oil commercial inventory increased by 3.87 million barrels to 197.51 million barrels, a week - on - week increase of 2.00% [2]. Methanol - **Market Quotes**: On August 11, the 09 contract rose 6 yuan/ton to 2389 yuan/ton, and the spot price fell 6 yuan/ton, with a basis of - 15 [5]. - **Supply and Demand**: Domestic production has declined again, but corporate profits remain high. Future supply is likely to increase marginally. Port inventory is building up faster, while inland corporate inventory is decreasing. The valuation is high, and downstream demand is weak [5]. Urea - **Market Quotes**: On August 11, the 09 contract fell 6 yuan/ton to 1722 yuan/ton, and the spot price fell 30 yuan/ton, with a basis of + 8 [7]. - **Supply and Demand**: Domestic production continues to decline, and corporate profits are at a low level but expected to bottom out. Supply is relatively abundant, and domestic agricultural demand is ending. Future demand will mainly come from compound fertilizers and exports [7]. Rubber - **Market Quotes**: NR and RU oscillated and rebounded [9]. - **Supply and Demand**: Bulls expect price increases due to seasonal factors, demand expectations, and potential production cuts, while bears are concerned about uncertain macro - expectations, seasonal low demand, and less - than - expected production cuts [9]. - **Industry Conditions**: As of August 7, 2025, the operating rate of all - steel tires in Shandong was 60.98%, down 0.08 percentage points from the previous week but up 8.72 percentage points from the same period last year. The operating rate of semi - steel tires was 74.53%, down 0.10 percentage points from the previous week and 4.21 percentage points from the same period last year. The inventory of semi - steel tire factories is under pressure [10]. PVC - **Market Quotes**: The PVC09 contract rose 17 yuan to 5010 yuan, the spot price of Changzhou SG - 5 was 4890 yuan/ton, the basis was - 120 yuan/ton, and the 9 - 1 spread was - 148 yuan/ton [11]. - **Supply and Demand**: The overall operating rate was 79.5%, up 2.6% week - on - week. The downstream operating rate was 42.9%, up 0.8% week - on - week. Factory inventory was 33.7 million tons (- 0.8), and social inventory was 77.7 million tons (+ 5.4). The supply is strong, demand is weak, and the valuation is high [11]. Styrene - **Market Quotes**: The spot price remained unchanged, the futures price rose, and the basis weakened [13]. - **Supply and Demand**: The macro - market sentiment is positive, and the cost side provides support. The BZN spread is at a low level and has room for upward repair. The port inventory is decreasing significantly, and the demand in the off - season is weak [13][14]. Polyethylene - **Market Quotes**: The futures price rose [16]. - **Supply and Demand**: The market expects favorable policies from the Ministry of Finance in the third quarter, and the cost side provides support. The inventory of traders is at a high level, and the demand is in the off - season. There is a large capacity - release pressure in August [16]. Polypropylene - **Market Quotes**: The futures price rose [17]. - **Supply and Demand**: The profit of Shandong refineries has stopped falling and rebounded, and the supply of propylene is expected to increase. The demand is in the off - season, and there is limited capacity - release in August. The cost side is expected to dominate the market [17]. PX - **Market Quotes**: The PX09 contract rose 52 yuan to 6778 yuan, and the PX CFR rose 4 dollars to 835 dollars [19]. - **Supply and Demand**: The load in China and Asia increased. Some domestic and overseas plants had load adjustments. The import volume from South Korea decreased. The inventory decreased in June, and the valuation cost decreased [19][20]. PTA - **Market Quotes**: The PTA09 contract rose 22 yuan to 4706 yuan, and the spot price in East China rose 30 yuan to 4700 yuan [21]. - **Supply and Demand**: The load increased, and some plants had load adjustments. The downstream load increased slightly, and terminal load was stable or decreased. The inventory increased in early August, and the processing fee had different trends [21]. Ethylene Glycol - **Market Quotes**: The EG09 contract rose 30 yuan to 4414 yuan, and the spot price in East China rose 19 yuan to 4484 yuan [22]. - **Supply and Demand**: The overall load decreased slightly, with different trends in synthetic gas and ethylene - based production. Some domestic and overseas plants had load adjustments. The downstream load increased slightly, and terminal load was stable or decreased. The port inventory increased, and the valuation and cost had different trends [22].